COVID-19 was completely unprecedented and happened so fast that unfortunately for many, no matter how fast they reacted, they could not contend with it. So how do you plan for something that no one has ever experienced before?
Business valuation is a complex process, and many different factors need to be taken into consideration to determine how much an organization is worth. We have narrowed this down to three lessons that came out of the past year and that owners need to build on in 2021.
What is the next step in this strange new normal? How do you continue to not only survive, but to build value in your business – even now as we are in the second wave of this pandemic?
Many owners are reworking their plans to
counter the impact of the pandemic on their business. But how can they
ensure all of the thinking that has gone into developing that plan is
put into action? Try these three steps.
There is no denying that these are extremely difficult and challenging times for leaders all around the world. But how can leaders lead in such unprecedented times? How can businesses engage with risks to ensure positive outcomes for their organization? It all comes back to one word: trust.
Owners who have been wanting to sell or step back from their business, have been particularly hard hit during this global turmoil and, as the song goes, must now deal with not being able to get what they want. What happens to our ability to project continued growth in a world that has been turned upside down? What is the bottom line for owners planning to exit?
The COVID-19 pandemic is a huge challenge for business owners, and likely the biggest crisis you as a business owner will ever face. Despite this, it is possible to take back control of your life and your business.
There are important lessons the pandemic is teaching business owners and employees alike. In fact, COVID-19 will forever change how businesses operate going forward. Here are three lessons about crisis management that should be top of mind for businesses during this time.
The rapid advancement of the COVID-19 outbreak has brought an unprecedented upheaval to all of our lives. It has caused us to change how we interact with friends and family, forced us to rethink our professional and financial plans and impacted life’s simplest decisions – like stepping outside of our house or having coffee with a friend. It has forced us all to examine what we have taken for granted all our lives and reconsider the independence we have become accustomed to.
As of March 2020 the sand beneath our feet shifted as never before, and the assumptions that worked well in more predictable times need to be put aside. In the words of Albert Einstein, “The thinking that got us to where we are today is not the thinking that will get us to where we need to be”.
Business Transition Alliance
We are business owners and advisors that offer consulting services to entrepreneurs. Working hands-on, we help develop and implement effective strategies that increase business value, growth and profitability, to prepare for the future.
“Beyond grateful for your partnership, genius and hard work!”
“Can I say one more time how great it is to have you guys in our corner”
“You were an important driver of a methodical process that helped us learn more about what our people think and want.”
“It’s been a pleasure working with you.”
“Thanks for your patience and guidance in putting us on our new path.”